Hyundai Engineering & Construction has won a 2.9 trillion-won ($2.4 billion) order to build a seawater supply facility in Iraq. Yonhap

Hyundai Engineering & Construction Co., a major builder in South Korea, said Wednesday it has won a 2.9 trillion-won (US$2.4 billion) order to build a seawater supply facility in Iraq. Hyundai E&C said it has received a letter of intent from Iraq's state-run Basrah Oil Co. for the Common Seawater Supply Project. Hyundai E&C said it expects completion of the construction to take 49 months. The plant will supply 5 million barrels of water per day that will be used for the exploration and production of the oil and gas fields in southern Iraq. With the latest deal, Hyundai E&C said it aims to secure more orders in Iraq, a war-torn country eager to rebuild and expand infrastructure. So far, the builder has secured 39 orders worth $7 billion in Iraq. Since 1977, Hyundai E&C has built various facilities, including fire power and refinery plants, in the Middle Eastern nation. Hyundai E&C hopes such orders can improve its earnings. The company had a net profit of 156 billion won in the first quarter, up 11.3 percent from a year ago, with sales reaching 3.8 trillion won and operating profit 205 billion won. (Yonhap)